INSUBCONTINENT EXCLUSIVE:
Government has assured fuel supplies at stable prices amid Russia-Ukraine conflictAmid escalating tensions arising out of Russia's attack
markets and potential supply disruptions and is ready to take measures for ensuring supplies at stable prices."Government of India is
closely monitoring global energy markets as well as potential energy supply disruptions as a fall out of the evolving geopolitical situation
With a view to ensuring energy justice for its citizens and for just energy transition towards a net zero future, India stands ready to take
appropriate action for ensuring ongoing supplies at stable prices," a statement issued by the petroleum ministry said.It further said that
prices.Government's assurance has come amid speculations that petrol and diesel prices, which have been kept unchanged for 113 days now
since November 4, 2021 (when they had come down slightly after excise duty was cut on Diwali), may again rise owing to geo-political
tensions arising out of Russia-Ukraine conflict.Politically too, there have been indications that once assembly elections conclude in Uttar
to settle at $97.93 a barrel, after climbing as high as $101.99
settle at $91.59 a barrel, after hitting a session high of $95.64.For the week, Brent rose about 4.7 per cent, while WTI was on track
with Brent touching $105, before paring gains by the close of trade, Reuters said further.Indian government on November 4, 2021, had
had reduced the value-added tax (VAT) on petrol from 30 per cent to 19.40 per cent
Among the metro cities, fuel rates are still the highest in Mumbai
Fuel prices vary across the states due to VAT.India had, in November last year agreed to release about 5 million barrels of crude oil from
its emergency stockpile in tandem with the US, Japan and other major economies to cool international oil prices.This was the first time ever
that India, which stores 5.33 million tonnes or about 39 million barrels of crude oil in underground caverns at three locations on the east
and west coasts, had agreed to release stocks for such purpose
That was when crude was at $82-84 per barrel
Now, it is much higher than that.The US is trying to do a coordinated release with other consuming nations to cool rates again
The statement did not say how much oil India will release.
